For the pair of supply-and-demand equations, where x represents the quantity demanded in units of 1000 and p is the unit price in dollars, find the equilibrium quantity and the equilibrium price.2x + 7p − 56 = 0 and 3x − 11p + 45 = 0equilibrium quantity      unitsequilibrium price    $

Question
Asked Sep 10, 2019

For the pair of supply-and-demand equations, where x represents the quantity demanded in units of 1000 and p is the unit price in dollars, find the equilibrium quantity and the equilibrium price.

2x + 7p − 56 = 0 and 3x − 11p + 45 = 0
equilibrium quantity        units
equilibrium price     $  
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Step 1

For finding the equillibrium quantity and equallibrium price, solve the both equation and find the value of p and x from equation,

2x7p 56.(1)
Зх — 11р%3D —45....... 2)
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2x7p 56.(1) Зх — 11р%3D —45....... 2)

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Step 2

Multiplying by 3 in equation (1) and by 2 in equation (2) and on solving,

(2х+ 7р%3D56)....х3
(Зх — 11р %3D —45)...... x 2
бх + 21р—168
бх — 22р %3-90
43р%3D 258
р3 258/43
р -6
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(2х+ 7р%3D56)....х3 (Зх — 11р %3D —45)...... x 2 бх + 21р—168 бх — 22р %3-90 43р%3D 258 р3 258/43 р -6

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Step 3

Putting value of p in...

2t7x6 56
2x 56 42
2x 14
x = 7
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2t7x6 56 2x 56 42 2x 14 x = 7

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Math

Algebra

Equations and In-equations